White House NEC Chair: "Recession Risk Always Exists... US Economy in Better Position Than Other Countries"

[Asia Economy New York=Special Correspondent Joselgina] Brian Deese, Chairman of the White House National Economic Council (NEC) and economic advisor to U.S. President Joe Biden, did not rule out the possibility that the U.S. could enter a recession. However, he stated that the U.S. is in a better position compared to other countries.

On the 22nd (local time), Deese appeared on CNN and responded to the host's question about whether the U.S. is entering a recession due to high inflation by saying, "There is always that risk."

He said, "There is no doubt that we are currently facing serious global challenges," adding, "Among them, inflation is at the forefront and it is hitting households hard."

However, regarding the U.S., he emphasized, "There is also no doubt that we are in a better position than any other major country in the world."

He argued, "Our economy is at a turning point from a period of the strongest recovery in modern American history to a period of stable and resilient growth that works better for families."

When asked if he was confident that the U.S. could avoid a recession, he replied, "There is always risk," but repeated, "We feel very good about the position the U.S. is in, especially considering the global situation."

On the same day, Deese also emphasized in an interview with Fox News Sunday that the U.S. is moving toward a period of resilient growth. He added that the U.S. should be confident that it is in a more advantageous position than other countries and recover accordingly. These remarks are interpreted as stemming from the idea that "the economy is psychology."

He also argued that to respond to inflation, "The Federal Reserve (Fed) must be granted independence," and that "there are tools to deal with inflation." Furthermore, he mentioned, "During this period, each household must reduce costs and live more affordably," adding, "Measures to lower internet fees, prescription drug prices, and so on are very important right now."